Discussion and Consideration of a Second Amendment to the Economic Development Agreement with High Five Mansfield PropCo, LLC
Executive Summary & Impact
On July 24, 2023 the City entered into an Economic Development Agreement with High 5 Entertainment to build a family entertainment venue in the Staybolt Entertainment District. The Agreement was further amended on January 22, 2024 to include a rooftop concert venue and other site-specific improvements. At the time of approval, the City was actively designing the entire Staybolt Street infrastructure and master planning of the entire Entertainment District. The original and amended agreements contemplated the land sizes involved in the High 5 Agreements would adjust some as roadway alignments and building plans were finalized through the Platting process. To this point, High Five has met all of their obligations with the City and has been ahead of schedule on construction until their financing and construction were materially delayed by an extended Small Business Administration audit process. For the purposes of third party lending, High Five's financing partners have requested the Economic Development Agreement be updated to reflect the exact metes and bounds descriptions from the now Platted Lots. The attached Second Amendment to the Economic Development Agreement, clarifies language as requested by High Five's financing partners while still meeting all the intent and obligations that have previously been in the Economic Development Agreement. Specific details in this Second Amendment include: clarification that the company commenced construction on the project in July 2025, the foundation completed by November 2025, and adjustments to various performance dates for Certificate of Occupancy and minimum tax value based on the SBA financing delay. Approval of the Second Amendment finalizes the construction financing, which was delayed by the SBA audit process, and allows the contractors to remobilize in October to continue construction.
Legislative Enactment & Roll-Call History
Official Legal Text & Codified Sections
OFFICIAL LEGISLATIVE DOCKET RECORD — CITY OF MANSFIELD Instrument / Docket Number: Ord. 2026-09-28-10 (Agenda Item 10) Meeting: 9/28/26 Tax Increment Reinvestment Zone #4 Board Meeting Date Enacted: 2026-09-28 Roll-Call Outcome: PASSED (7 YES - 0 NO) Category: General Regulation Source Document: https://civicclerk.blob.core.windows.net/stream/MANSFIELDTX/db9ad758-7009-4932-80f2-a279ab2d2924.pdf VERBATIM DOCKET TEXT & SUMMARY: On July 24, 2023 the City entered into an Economic Development Agreement with High 5 Entertainment to build a family entertainment venue in the Staybolt Entertainment District. The Agreement was further amended on January 22, 2024 to include a rooftop concert venue and other site-specific improvements. At the time of approval, the City was actively designing the entire Staybolt Street infrastructure and master planning of the entire Entertainment District. The original and amended agreements contemplated the land sizes involved in the High 5 Agreements would adjust some as roadway alignments and building plans were finalized through the Platting process. To this point, High Five has met all of their obligations with the City and has been ahead of schedule on construction until their financing and construction were materially delayed by an extended Small Business Administration audit process. For the purposes of third party lending, High Five's financing partners have requested the Economic Development Agreement be updated to reflect the exact metes and bounds descriptions from the now Platted Lots. The attached Second Amendment to the Economic Development Agreement, clarifies language as requested by High Five's financing partners while still meeting all the intent and obligations that have previously been in the Economic Development Agreement. Specific details in this Second Amendment include: clarification that the company commenced construction on the project in July 2025, the foundation completed by November 2025, and adjustments to various performance dates for Certificate of Occupancy and minimum tax value based on the SBA financing delay. Approval of the Second Amendment finalizes the construction financing, which was delayed by the SBA audit process, and allows the contractors to remobilize in October to continue construction.